Raleigh’s real estate market is cooling at one of the fastest rates in the country, reports say a new Redfin report.
Almost all other cities in which the Red Feathers are defined as the fastest cooling are located on the west coast.
Raleigh buyers have more homes to choose from, take longer to sell, and prices are much lower than last year. the report shows.
“The housing market has changed very quickly in favor of buyers,” Las Vegas Redfin agent Tzahi Arbeli said in the report.
“Not only have prices fallen in recent months, but sellers are seeing the market cool and are more open to price negotiations, concessions and paying closing costs. They can accept an offer that is $20,000 below the asking price and pay for repairs the buyer finds during the inspection,” it said.
Raleigh is the 12th fastest-cooling US housing market in 2022. Seattle took first place.
The ranking in the 20-point report is based on changes in annual housing market statistics between February and August 2022.
Here are Raleigh housing market statistics, according to Redfin:
Average selling price: $435,000
Change in cost per square foot: a decrease of 10.7 points compared to last year.
Change in inventory: an increase of 59.8 points compared to last year.
Change in falling prices: an increase of 29.9 points compared to last year.
Change in pending sales: a decrease of 6.4 points compared to last year.
Change in the ratio of sales to listings: a decrease of 6.4 points compared to last year.
Change in share of non-market homes over two weeks: a decrease of 22.8 points compared to last year.
Here are the 12 fastest-cooling U.S. housing markets, according to Redfin:
1. Seattle, Washington
2. Las Vegas, Nevada
3. San Jose, California
4. San Diego, California
5. Sacramento, California (tied with Denver)
6. Denver, Colorado (tied with Sacramento)
7. Phoenix, Arizona
8. Oakland, California
9. North Port, Florida
10. Tacoma, Washington
11. Austin, Texas
12. Raleigh, North Carolina
Average home prices in Raleigh
Data from Redfin shows that median home prices in Raleigh are significantly lower than they were earlier this year.
• The median home price in Raleigh was $470,000 by the end of July, it is the highest price in 2022.
• The median home price in Raleigh was $380,000 at the very beginning of the year, the lowest price of 2022.
• The median home price in Raleigh, as of early September, was $410,000. That’s almost 9% above the 2022 low, but almost 13% below the high.
Report: Raleigh real estate market is slowing
Source link Report: Raleigh real estate market is slowing